Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	LEXINGTON PTY	1,549,754	$17.06M	6.7%	$11.01	$11.48	—	COM	529043101
—	AMERICAN RLTY	12,510,000	$12.71M	5.0%	$1.02	$0.95	—	DEB	02917TAA2
—	CROWN CASTLE	113,530	$11.57M	4.5%	$101.92	$100.71	—	PFD	228227500
SNY	SANOFI SPONSOR	211,317	$11.23M	4.4%	$53.17	$51.15	—	COM	80105N105
—	LEXINGTON PTY	215,750	$10.52M	4.1%	$48.75	$47.91	—	PFD	529043309
—	RAMCO GERSHNSN	167,937	$10.28M	4.0%	$61.20	$58.95	—	PFD	751452608
—	GENERAL MOTORS	239,218	$8.683M	3.4%	$36.30	$34.42	—	COM	30745V100
—	GOODYEAR TIRE	298,127	$8.282M	3.2%	$27.78	$40.00	—	PFD	382550309
—	NATL OILWELL	98,365	$8.1M	3.2%	$82.35	$75.30	—	COM	637071101
RIG	TRANSOCEAN LTD	170,620	$7.683M	3.0%	$45.03 *	$46.47	-8.5%	COM	H8817H100
—	ENSCO PLC	126,985	$7.056M	2.8%	$55.57	$53.17	—	COM	G3157S106
MET	METLIFE	123,553	$6.864M	2.7%	$55.56 *	$26.61	+19.7%	COM	59156R108
—	METLIFE	212,850	$6.802M	2.7%	$31.96	$54.79	—	PFD	59156R116
—	NATIONAL HEALTH	6,585,000	$6.63M	2.6%	$1.01	$1.01	—	DEB	63633DAE4
SFL 3.25 02/01/18	SHIP FINANCE	5,600,000	$6.331M	2.5%	$1.13	$1.11	—	DEB	G81075AE6
F	FORD MOTOR	333,423	$5.748M	2.2%	$17.24 *	$8.48	+4.5%	COM	345370860
AAPL	APPLE INC	58,191	$5.408M	2.1%	$92.94 *	$17.94	+4.0%	COM	037833100
HCI	HCI GROUP	126,500	$5.136M	2.0%	$40.60 *	$30.43	+27.2%	COM	40416E103
—	NY COMM BANC	320,070	$5.114M	2.0%	$15.98	$14.00	—	COM	649445103
—	SYNOVUS FINL	204,441	$4.984M	1.9%	$24.38	$2.92	—	COM	87161C105
PFE	PFIZER	166,911	$4.954M	1.9%	$29.68 *	$16.51	+6.3%	COM	717081103
MRK	MERCK	78,486	$4.54M	1.8%	$57.84 *	$30.02	+26.5%	COM	58933Y105
—	ANNALY CAP	4,340,000	$4.438M	1.7%	$1.02	$1.01	—	DEB	035710AB8
—	RTI INTERNATIONAL	4,380,000	$4.396M	1.7%	$1.00	$0.98	—	DEB	74973WAB3
—	EPR PROPERTIES	182,752	$4.199M	1.6%	$22.98	$22.13	—	PFD	26884U208
—	US STEEL	3,260,000	$4.048M	1.6%	$1.24	$0.99	—	DEB	912909AH1
—	EXELIXIS	4,255,000	$3.595M	1.4%	$0.84	$0.93	—	DEB	30161QAC8
—	AMERICAN RLTY	285,319	$3.575M	1.4%	$12.53	$12.61	—	COM	02917T104
—	SPIRIT REALTY	3,430,000	$3.43M	1.3%	$1.00	$1.00	—	DEB	84860WAA0
—	TIBCO SOFTWARE	3,140,000	$3.169M	1.2%	$1.01	$1.01	—	DEB	88632QAB9
—	NY COMM BANC	62,658	$3.081M	1.2%	$49.17	$48.78	—	PFD	64944P307
KSS	KOHLS GROUP	57,950	$3.053M	1.2%	$52.68 *	$51.42	+5.4%	COM	500255104
—	CAPITAL ONE	60,500	$2.441M	1.0%	$40.35	$27.06	—	WTS	14040H139
—	HEALTHCARE REIT	39,975	$2.308M	0.9%	$57.74	$57.47	—	PFD	42217K601
—	ASCENT CAPITAL	2,300,000	$2.143M	0.8%	$0.93	$1.07	—	DEB	043632AA6
ORI	OLD REPUBLIC	120,000	$1.984M	0.8%	$16.53 *	$5.60	+32.3%	COM	680223104
MTNA 6 01/15/16	ARCELMORMITTAL	76,882	$1.729M	0.7%	$22.49	$22.59	—	PFD	L0302D178
VZ	VERIZON	28,896	$1.413M	0.6%	$48.90 *	$26.95	-0.6%	COM	92343V104
—	ROYAL GOLD	1,300,000	$1.393M	0.5%	$1.07	$1.07	—	DEB	780287AA6
—	GENERAL MOTORS	72,700	$1.349M	0.5%	$18.56	$17.42	—	WTS	37045V126
—	APACHE CORP	13,319	$1.34M	0.5%	$100.61	$84.73	—	COM	037411105
T	AT&T	37,359	$1.321M	0.5%	$35.36 *	$11.35	+3.8%	COM	00206R102
—	TOWER GROUP	1,229	$1.229M	0.5%	$1000.00	$1000.00	—	DEB	891777AC8
NEM	NEWMONT MINE	47,000	$1.195M	0.5%	$25.43 *	$21.53	-12.9%	COM	651639106
—	JPMORGAN CHASE	60,000	$1.159M	0.5%	$19.32	$17.55	—	WTS	46634E114
—	TTM TECH	1,000,000	$1.092M	0.4%	$1.09	$1.11	—	DEB	87305RAD1
—	CHESAPEAKE ENGY	990,000	$1.034M	0.4%	$1.04	$1.04	—	DEB	165167CA3
—	SWISS HELVETIA	64,305	$937K	0.4%	$14.57	$12.60	—	COM	870875101
—	PROSHARES	15,375	$933K	0.4%	$60.68	$71.54	—	COM	74743B201
DNOW	NOW	24,073	$871K	0.3%	$36.18 *	$33.70	0.0%	COM	67011P100
—	OMNICARE	787,000	$840K	0.3%	$1.07	$1.03	—	DEB	681904AL2
PRU	PRUDENTIAL FINL	9,000	$799K	0.3%	$88.78 *	$51.66	-0.6%	COM	744320102
—	NOBLE CORP.	22,500	$755K	0.3%	$33.56	$33.01	—	COM	G65431101
—	GOLDCORP	680,000	$681K	0.3%	$1.00	$1.01	—	DEB	380956AB8
—	INVESCO TR INVT	52,290	$681K	0.3%	$13.02	$12.18	—	COM	46131M106
—	APOLLO INV	620,000	$655K	0.3%	$1.06	$1.05	—	DEB	03761UAE6
—	DIGITAL RIVER	655,000	$652K	0.3%	$1.00	$0.99	—	DEB	25388BAD6
WU	WESTERN UNION	35,000	$607K	0.2%	$17.34	$16.91	—	COM	959802109
—	WEBMD HEALTH	500,000	$514K	0.2%	$1.03	$1.00	—	DEB	94770VAH5
GME	GAMESTOP	12,500	$506K	0.2%	$40.48 *	$6.99	+2.1%	COM	36467W109
—	ROVI CORP	500,000	$505K	0.2%	$1.01	$1.00	—	DEB	779376AB8
—	KNIGHT CAPITAL	500,000	$503K	0.2%	$1.01	$1.01	—	DEB	499005AE6
—	DIAMOND OFFSHORE	10,000	$496K	0.2%	$49.60	$48.73	—	COM	25271C102
—	SANDRIDGE	67,100	$479K	0.2%	$7.14	$4.86	—	COM	80007P307
IP	INTL PAPER	9,000	$454K	0.2%	$50.44 *	$27.11	-0.2%	COM	460146103
UIS	UNISYS	17,373	$429K	0.2%	$24.69 *	$32.24	-21.6%	COM	909214306
—	OLD REPUBLIC	344,000	$428K	0.2%	$1.24	$1.13	—	DEB	680223AH7
—	SEAGATE TECH	7,500	$426K	0.2%	$56.80	$56.53	—	COM	G7945M107
TBX	PROSHARES	13,000	$413K	0.2%	$31.77	$33.32	—	COM	74348A608
CVX	CHEVRON	3,150	$411K	0.2%	$130.48 *	$73.94	+2.7%	COM	166764100
—	TTM TECH	400,000	$406K	0.2%	$1.01	$1.00	—	DEB	87305RAC3
—	POWERSHARES	15,000	$373K	0.1%	$24.87	$24.78	—	COM	73936Q769
—	CHESAPEAKE ENGY	11,500	$357K	0.1%	$31.04	$20.37	—	COM	165167107
—	BB&T CORP	9,000	$355K	0.1%	$39.44	$35.34	—	COM	054937107
SJB	PROSHARES	10,500	$289K	0.1%	$27.52	$30.97	—	COM	74347R131
—	NICHOLAS FIN	20,000	$287K	0.1%	$14.35	$15.12	—	COM	65373J209
—	XEROX	22,500	$280K	0.1%	$12.44	$9.35	—	COM	984121103
—	GENERAL MOTORS	10,000	$266K	0.1%	$26.60	$23.29	—	WTS	37045V118
—	SUNTA PHARM	62,500	$255K	0.1%	$4.08	$4.92	—	COM	87162T206
—	LAM RESEARCH	200,000	$249K	0.1%	$1.25	$1.05	—	DEB	512807AJ7
BAC	BANK OF AMERICA	15,000	$230K	0.1%	$15.33 *	$11.46	+6.8%	COM	060505104
NVS	NOVARTIS AG	2,475	$224K	0.1%	$90.51	$71.05	—	COM	66987V109
—	LIVE NATION	210,000	$209K	0.1%	$1.00	$1.01	—	DEB	538034AB5
—	THOMSON CREEK	67,672	$200K	0.1%	$2.96	$2.96	—	COM	884768102
—	JANUS CAP	182,000	$183K	0.1%	$1.01	$1.04	—	DEB	47102XAG0
EXEL	EXELIXIS	51,000	$173K	0.1%	$3.39	$3.45	0.0%	COM	30161Q104
—	ANNALY CAP	155,000	$164K	0.1%	$1.06	$1.12	—	DEB	035710AA0
—	INTL GAME TECH	10,000	$159K	0.1%	$15.90	$1.07	—	DEB	459902AQ5
C	CITIGROUP	3,361	$158K	0.1%	$47.01 *	$35.76	-1.0%	COM	172967424
—	CLIFFS NATURAL	10,000	$143K	0.1%	$14.30	$14.30	—	COM	18683K101
—	SHIP FINANCE	7,700	$143K	0.1%	$18.57	$18.57	—	COM	G81075106
—	GENERAL CABLE	5,218	$134K	0.1%	$25.68	$25.49	—	COM	369300108
—	ALERIAN MLP	7,000	$133K	0.1%	$19.00	$17.80	—	COM	00162Q866
—	PRAXAIR	925	$122K	0.0%	$131.89	$115.09	—	COM	74005P104
—	OMNICARE	1,800	$119K	0.0%	$66.11	$59.63	—	COM	681904108
—	NEWMONT MINE	100,000	$105K	0.0%	$1.05	$1.05	—	DEB	651639AJ5
LEG	LEGGETT & PLATT	3,065	$105K	0.0%	$34.26 *	$30.96	+7.6%	COM	524660107
PPL	PPL CORP	2,916	$103K	0.0%	$35.32 *	$18.74	0.0%	COM	69351T106